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need help. due today!! pleasee Data table Requirements 1. Without resorting to calculations, determine which inventory method will result in Dongal, Inc., paying the lowest
need help. due today!! pleasee
Data table Requirements 1. Without resorting to calculations, determine which inventory method will result in Dongal, Inc., paying the lowest income taxes. 2. Prepare a perpetual inventory record using FIFO. 3. Prepare a perpetual inventory record using LIFO. 4. Prepare a perpetual inventory record sing average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. Requirement 1, Without reserting to calsulations, determine which inventory method wil result in Dongat, inc, paying the lowest income taves. In timbs of inventory prices, as is the case here, the method wil result in Dongal, inc, paying tee losest income taxet. Requirement 2. Prepare a perpetual inventory record using FIFO. Start by ertering the begiming inventory balances. Enlar the transactions in chronalogical order, calculaing new inventory on hand balances atter each transactlen Once al of the transactions have been. ontered into the perpetual record, caloulate the quamtyy and lotsi cost of mertary purchased, sold, and on hand at the end of the period. (For cost of goods sold, anter the first ioyer out under fiFO costing. fint For inventory on hand, enter the oldest imentary layer first. Requirement 3. Prepase a perpetual innentory fecord using LFO. Start by ensering the opening imventory balance. Einler the transactons in chyonologicol ondor, calculating new imentory on hand batancess after each transaction. Once al of the trarsactions have been entered into the perpetual record, calculate the quansty and total cost of inventory purchased, sold, and on hand at the end of thit period. (For cott of goodr nold, anter the fint layer cut under Lifo coitry fnit Fot inventory on hand, enor the oldest inventory layer first) Requirement 4. Propare a perpetual inverdory record using werage cost. Aound average cost per unit to the nearest cent and al other amounts to the nearest dollat. Start by entening the opening inventory balance. Enter the transoctions in chronological ordec, calculasing new ieventory on hand balances ather each transaction. Once all of the transactions have been antered into the perpetual rocord, catculate the quantiy and total cost of itvensory purchased, sold, and on hand at the end of the period. (Round average cost per unit to tho nesrest cent and af ather amounts to the nearest dolac) Step by Step Solution
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